Bitcoin price fluctuated near $86,000 on Tuesday, maintaining this level as a support point. The asset previously reached $87,350 on Monday, marking its highest point since January 29.
Market volatility coincided with a decline in WTI crude oil prices, which fell to $89.16 per barrel. This drop followed reports of the reopening of the East-West Pipeline in Saudi Arabia, which is expected to reach full capacity in six to eight weeks.
Onchain data from Glassnode shows the Bitcoin MVRV ratio has crossed above its 365-day moving average, a signal previously observed in 2019 and 2023. The ratio currently stands at 1.62, up from 1.19 on August 16.
Analysts at CryptoQuant suggest that the MVRV ratio moving above 1.5 indicates the conclusion of an investor accumulation phase. A sustained rise above 1.62 could signal a market reversal, with a potential price target of $126,200.
